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When to share your internet passwords

We are constantly being reminded to keep passwords safe and secure and to not write them down or share them with anyone.

We are also being reminded to make sure our Wills are up to date and we have a lasting Power of Attorney to ensure that important decisions, and our assets,  can be looked by someone we trust after when something happens to us.

Recently, I’ve been helping out an lady inherited investments from her late husband.  The custodian in question operates an internet only system.  When it came to trying to sell the assets it was a challenge and very stressful for her.  She had the correct username but the password had expired.  She rang to have it reset and had to pass the security checks in line with the Data Oritection Act.  The Company  asked her a number of questions including national insurance number and date of birth.  She failed the security questions and rang me for help.

I suggested using her late husbands details.  It transpired that when the assets were transferred to her they never asked her to update her details so had left her late husbands details on their records.

With the exponential growth in technology over the past two decades and increased security under recent legislation this could be become more commonplace.

There are steps you can take to avoid this happening to you:

  • keep a list of your passwords
  • store it somewhere safe and secure (a safe perhaps)
  • tell someone you trust where the information is
  • have a copy of it with your Will and Power of Attorney just in case your memory fails you later on life
  • keep it up to date